You mentioned earlier that you're interested in getting it back in the multifamily. We're just not,
at least in our markets, that we pay attention to. We're just not seeing enough blood in the street
yet. It's definitely getting there. What we're seeing more is a lot of the money is going into
small bay flex industrial space. That seems to be the multifamily from four years ago,
five years ago. So that's kind of where we're seeing a lot of the money starting to get
repositioned to. But as far as multifamily, we're not excited yet. We will be, I think, in about
two years. I think that some of the John Latere isn't up are drinking the blood before most people
see it. I think sometimes they're getting the view of that first from the big banks and just taking
down those with terms that are like amazing. And if you have tons of capital and you can be in
first position on an asset and low LTV and the bank doesn't want to foreclose on it,
then the John Latere isn't up are just chugging that blood before most people get to see it, I
think. It's like some of what's happening. So we allocate, one second, we allocate to operators.
So we'll see a lot more deals, right, instead of just ourselves. And so I had a friend call me.
This was at the end of last year. And smart guy,
I couldn't believe what he was telling me. He walked away from $22 million. he had a pg he didn't
want to have right i've seen 10 million people walking away from 10 million 15 million the largest
was one of our partners looked at a portfolio and the owners were going to walk away from 100
million so it's just a matter of and i think the banks have been extending a little bit but now
they're they're stopping that yeah you guys agree with that i totally agree with that We're seeing
the bid-ask spread on a lot of these assets that the bank has held, or they're pushing the can
down the road for years. They're not foreclosing. They are finally coming to the realization that
rates are still high. There's not going to be stay alive to 25. It's already 26.
So you have a lot of these banks coming to, all right,
we have to get rid of this asset. And some of them don't even want to take it. John and I,
we know the New York City market well, and I know operators that have hundreds of units. The banks
don't want it. They do not want it because it's stabilized, and you've got a mayor that is now
going to weaponize the DOB and HPD. So they're really like,
we don't even want it back. I was talking to somebody just, I think, yesterday,
the day before, and there's an office building here, and the owners. actually sold 50% of the
building for 800 million. And so they took a cut of 600 million because they couldn't service the
debt, right? And their debt came due. Hi, I'm Richard C. Wilson. Our community has closed over $1
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